Add-on Acquisition • Utilities

Sojitz, Osaka Gas, Kyushu Electric Power and EnerGia Acquire Kleen

On May 14, 2018, Sojitz, Osaka Gas, Kyushu Electric Power and EnerGia acquired utilities company Kleen from Ares EIF

Acquisition Context
  • This is Sojitz’s 1st, Osaka Gas’ 2nd, Kyushu Electric Power’s 2nd and EnerGia’s 1st transaction in the Utilities sector.
  • This is Sojitz’s 1st, Osaka Gas’ 1st, Kyushu Electric Power’s 1st and EnerGia’s 1st transaction in the United States.
  • This is Sojitz’s 1st, Osaka Gas’ 1st, Kyushu Electric Power’s 1st and EnerGia’s 1st transaction in Connecticut.
Investment Fate
  • Kleen was divested to a consortium of buyers in 2023.

Explore All 448 Add-on Acquisition Utilities Deals - Search the Database Free


M&A Deal Summary

Date May 14, 2018
Target Kleen
Sector Utilities
Buyer(s) Sojitz
Osaka Gas
Kyushu Electric Power
EnerGia
Sellers(s) Ares EIF
Deal Type Add-on Acquisition

Target Company

Kleen

Middletown, Connecticut, United States
Kleen Energy Systems operates a 620-megawatt natural gas-fired, combined-cycle power plant, using gas and steam turbines to generate electricity. Kleen was founded in 2008 and is based in Middletown, Connecticut.
Explore More Deals

Browse All 215,158 Deals

FILTER BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Search Free

Buyers Overview 4

Buyer

Sojitz

Tokyo, Japan

Category Company
Founded 2003
Sector Business Services
Employees25,118
Revenue 2.51T JPY (2025)
DESCRIPTION

Sojitz is a general trading company. Sojitz Group offers businesses globally, including buying, selling, importing, and exporting goods, manufacturing and selling products, providing services, and planning and coordinating projects, in Japan and overseas. Sojitz was established in 2003 and is based in Tokyo, Japan.


Deal Context for Buyer #
Overall 5 of 15
Sector: Utilities 1 of 1
Type: Add-on Acquisition 2 of 10
State: Connecticut 1 of 1
Country: United States 1 of 3
Year: 2018 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-20 Solvadis

Frankfurt am Main, Germany

Solvadis group is an important distributor for the chemical and chemical-related industry. The group offers customized services covering the entire value and logistics chain - from purchase to consumption in the processing industries. The emphasis is on the following activities: distribution, basic chemicals and specialty chemicals. Solvadis was founded in 1881 and is based in Frankfurt am Main, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-02 Dutton Group

Richmond, Australia

Dutton Group is an operator and marketer of prestige used vehicles with a national footprint and direct to consumer offering, while Dutton Garage is a bespoke, classic, and super-luxury vehicle retailer. Dutton Group was founded in 1911 and is based in Richmond, Australia.

Buy -
Buyer

Osaka Gas

Osaka, Japan

Category Company
Founded 1897
Sector Utilities
Employees21,404
Revenue 2.07T JPY (2025)
DESCRIPTION

Osaka Gas is a distribution of gas, generation and distribution of power, etc. Osaka Gas was founded in 1897 and is based in Osaka, Japan.


Deal Context for Buyer #
Overall 4 of 4
Sector: Utilities 2 of 2
Type: Add-on Acquisition 1 of 1
State: Connecticut 1 of 1
Country: United States 1 of 1
Year: 2018 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-30 Japan CBM

Japan

Japan CBM Ltd. a Coalbed methane (CBM) is natural gas that is extracted from coal beds. CBM potential across the country, with an estimated resource potential of up to 450 trillion cubic feet, with 80 trillion cubic feet in the Kutei Basin .

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-14 Kleen

Middletown, Connecticut, United States

Kleen Energy Systems operates a 620-megawatt natural gas-fired, combined-cycle power plant, using gas and steam turbines to generate electricity. Kleen was founded in 2008 and is based in Middletown, Connecticut.

Sell -
Buyer

Kyushu Electric Power

Fukuoka, Japan

Category Company
Founded 1951
Sector Utilities
Employees21,173
Revenue 2.36T JPY (2025)
DESCRIPTION

Kyushu Electric Power mainly involved in electric power business. It operates through electric power, energy related business, IT and telecommunications, and other segments. Kyushu Electric Power was founded in 1951 and is based in Fukuoka, Japan.


Deal Context for Buyer #
Overall 2 of 2
Sector: Utilities 2 of 2
Type: Add-on Acquisition 1 of 1
State: Connecticut 1 of 1
Country: United States 1 of 1
Year: 2018 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-05 Senoko Energy Pte.

Singapore, Singapore

Senoko Energy Pte. Ltd. is one of power generation company in the country. Senoko Energy owns and operates total generation capacity of 3,300MW, which constitutes about 32% of installed generation capacity in Singapore. Electricity generated by SPL is mainly supplied to customers through its wholly owned retail providers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-14 Kleen

Middletown, Connecticut, United States

Kleen Energy Systems operates a 620-megawatt natural gas-fired, combined-cycle power plant, using gas and steam turbines to generate electricity. Kleen was founded in 2008 and is based in Middletown, Connecticut.

Sell -
Buyer

EnerGia

Hiroshima, Japan

Category Company
Founded 1951
Sector Utilities
Employees12,526
Revenue 1.53T JPY (2025)
DESCRIPTION

EnerGia is an electric utility company that generates, transmits, and distributes electricity, providing power to millions of inhabitants. EnerGia was founded in 1951 and is based in Hiroshima, Japan.


Deal Context for Buyer #
Overall 1 of 1
Sector: Utilities 1 of 1
Type: Add-on Acquisition 1 of 1
State: Connecticut 1 of 1
Country: United States 1 of 1
Year: 2018 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-14 Kleen

Middletown, Connecticut, United States

Kleen Energy Systems operates a 620-megawatt natural gas-fired, combined-cycle power plant, using gas and steam turbines to generate electricity. Kleen was founded in 2008 and is based in Middletown, Connecticut.

Sell -

Seller Profile 1

SELLER

Ares EIF


Category Private Equity Firm
Founded 1987
PE ASSETS 5.8B USD
Size Mega
Type Sector Focused
DESCRIPTION

Ares EIF is the direct energy investment arm of asset management firm, Ares Management. Ares EIF operates within Ares Private Equity Group and focuses exclusively on energy related investments. Specific areas of interest include electricity generating, transmission, and energy services assets; energy and utility company ownership interests; and utility service deployment investments. The Firm is a hands-on investor, and looks for ways to unlock value post acquisition. Ares EIF's geographic preference is for US based opportunities. Ares EIF was formed in 1987 and was acquired by Ares Management in 2014.


Deal Context for Seller #
Overall 12 of 13
Sector: Utilities 10 of 11
Type: Add-on Acquisition 4 of 4
State: Connecticut 2 of 3
Country: United States 12 of 13
Year: 2018 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-13 Pio Pico Energy Center

Otay Mesa, California, United States

Pio Pico Energy Center is a 322-MW simple cycle gas-fired power facility located in Otay Mesa, California. Pio Pico began commercial operations in November 2016 and utilizes state-of-the-art GE LMS100 technology, which features the leading simple cycle efficiency in the industry.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-27 Hudson Project

Fairfield, Connecticut, United States

Hudson is a 660 MW, 345 kilovolt transmission line that will be built between Ridgefield, NJ and midtown Manhattan. The Hudson-sponsored project will include approximately eight miles of buried transmission cable, four miles of which will be installed beneath the Hudson River, and a converter station in Ridgefield that will convert alternating current (“AC”) power into direct current (“DC”) power for purposes of efficient transmission, and back to AC power for distribution to the New York Power Authority’s (“NYPA”) New York City customers. Hudson Project was founded in 2009 and is based in Fairfield, Connecticut.

Sell -